Paul McGowan, Hilco Capital’s executive chairman, said: “We have been pleased with our investment in HMV and the ability of the management team to deliver strong performances against a very challenging market backdrop. We would like to thank Ian Topping for the leading role he has played in implementing this process over the last five years. I would also like to congratulate Neil, Rudy and Patrizia on their well-deserved promotions which position the business nicely for the next stage in its evolution.”